Updated: Jan 05, 2024

Bread Financial Personal Loans 2024 Review

Our review of Bread Financial personal loans looks at the interest rates, fees, borrowing amounts, repayment terms, ease of application, and approval speed.
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Bread Loans don’t require a hard credit inquiry and allow applicants to consolidate up to 5 credit cards into a single loan. The loan proceeds can also be used to fund other financial needs.

There are some caveats and limitations to the company’s offerings, however. Keep reading to learn more about Bread Financial’s personal loan product.

Our Verdict

Bread Financial’s personal loan product features minimal fees and the ability to check rates without affecting your credit. It’s also good to know that this fixed-rate installment loan will have consistent payments over the life of the loan. 

The main drawback of Bread Loans is the list of limitations. Notably, the loan is only available to a few pre-selected candidates who are current Bread Pay or Comenity customers who’ve received an offer to apply. 

There are also restrictions regarding what kind of debt the company will pay off directly. Non-U.S.-based accounts and creditors that require paper checks may not be eligible for a loan consolidation payoff with Bread Loans.

Bread Financial Personal Loans Pros & Cons

  • No origination fees, application fees, or prepayment penalties
  • Extremely low interest rates (available to borrowers with excellent credit)
  • Application decision usually available instantly
  • Only available to former and current Bread Pay or Comenity customers who’ve received an offer to apply
  • Not ideal for larger loan amounts

Compare Your Personal Loan Options

Find a personal loan that better fits your borrowing needs:

Compared to Other Personal Loans


Sofi has been around for a while as a financial services provider focused on prime banking customers. Because these customers tend to have higher income and better credit scores, there’s the potential for more favorable loan terms, higher loan amounts (up to $100,000) and discounts for setting up autopay for your loan repayment.

SoFi also considers additional factors beyond loan applicants' credit scores. The lender analyzes applicants' financial history, career experience, and monthly income versus expenses to decide if you’re a good candidate for their personal loans.

Read our full editorial review of SoFi personal loans.

Lending Club

Lending Club is a peer-to-peer lending network backed by individual investors versus a single bank. Loans for borrowers go up to $40,000, and interest rates are based on the Lending Club’s proprietary borrower rating system. This means that applicants with poor credit may have a shot at getting a loan. 

The platform assigns borrowers a creditworthy rating or a “grade” so investors can choose the level of risk they prefer for their lending portfolio. Applicants with lower grades (poorer credit scores) will get higher interest rates, while those with higher grades (higher credit scores) will get lower interest rates. 

Read the full editorial review of Lending Club personal loans.


Upgrade offers loan amounts up to $50,000 for terms between 24 and 84 months. Loan applicants can check their rate with just a soft credit inquiry, and approved loans could be funded in as soon as one business day. 

You can get lower rates by opting into autopay and paying off some creditors (in the case of loan consolidation) directly. All loans have an origination fee between 1.85% and 9.99%.

Read the full review of Upgrade personal loans.

Best Egg

You can borrow up to $50,000 with Best Egg with two term options: three years or five years. The amount you can borrow will depend on factors such as the state where you reside and your annual income. Borrowers must have a credit score of 700 and an annual income of at least $100,000 to qualify for the lowest interest rates.

There are no prepayment fees, but Best Egg does charge a loan origination fee between 0.99% and 5.99%. Approved loans can be funded in as little as one business day. Applicants can check their rates without any effect on their credit score. 

Read our editorial review of Best Egg's personal loans.

Interest Rates

Unlike other personal loan options, Bread Loans don’t seem to have any benefits for prime borrowers or applicants with a better-than-average credit profile. Bread Financial discloses on its website that its interest rates could be higher than those of a borrower's original creditors (in the case of loan consolidation.) 

There are no interest rate discounts for autopay or paying creditors directly, so interest rates and terms for Bread Loans may not be as favorable,  though the range for advertised APRs is lower than some of its competitors. These APRs are fixed (for a consistent monthly payment amount) and will vary depending on creditworthiness, loan amount and loan term. 


According to Bread Financial’s website, its personal loans have no origination or prepayment fees. However, there are late fees, but there’s no public-facing information about the amounts or how/when they are assessed. To get specific information regarding late fees, you must apply for a loan, be approved and see what’s outlined in the loan agreement.

Repayment terms

A nice feature of Bread loans is that there are plenty of term options to choose from. Terms offered are 24, 36, 48, or 60 months. This flexibility allows borrowers to choose a repayment plan that works for them. 

With a shorter term, monthly payments will be higher, and borrowers will pay less interest over the life of the loan. With a longer term, monthly payments will be lower, but borrowers will pay more interest over the life of the loan. 

Borrowing amounts

Bread Loans offers loans between $1,500 and $35,000. This range is helpful for people who have varying needs for loan amounts. This range can be especially helpful for borrowers looking to consolidate credit card debt into one convenient payment. It’s a good idea to check your rate first to make sure that the interest rate for the amount you need will save money on your debt consolidation. 

Application process 

At the moment, Bread Loans are only available to former and current Bread Pay or Comenity customers who’ve received an offer to apply. Eligible applicants would have received an offer via email. To apply, borrowers must use the link in the invitation email to start the application. 

According to the company’s website, the application steps are as follows:

  1. Share some basic personal details with Bread Loans (with no impact on your credit score.)
  2. Find out how much you are approved for and what your monthly payment could be.
  3. Then, review and accept the loan agreement.

Approval speed

You could get an immediate decision regarding your personal loan with Bread Financial. In some cases, it may take several days for the decision. Once you are approved, you can check the status of the funds disbursement in your Bread Financial member portal.